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Chapter 3: 23DQ (page 139)

What are the characteristics of plant assets?

Short Answer

Expert verified

Answer:

Plant assets are tangible in nature and used in production purposes.

Step by step solution

01

Definition of plant assets

Plants assets are the assets that include tangible assets.

02

Characteristics of plant assets

a. Plant assets are tangible. In the plant asset, only tangible assets are included.

b. Plant assets are used to produce goods and sell services.

Example of plant assets are building, equipment, machinery and land.

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Most popular questions from this chapter

What is the difference between the cash basis and the accrual basis of accounting?

In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.

A. Current assets E. Current liabilities

B. Long-term investments F. Long-term liabilities

C. Plant assets G. Equity

D. Intangible assets

14. Common stock

In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.

A. Current assets

B. Long-term investments

C. Plant assets

D. Intangible assets

E. Current liabilities

F. Long-term liabilities

G. Equity

10. Common stock

Identity which of the following accounts would be included in a post-closing trial balance.

a. Accounts Receivable c. Goodwill e. Income Tax Expense

b. Salaries Expense d. Land f. Salaries Payable

Adjusting entries affect at least one balance sheet account and at least one income statement account.

For the entries below, identify the account to be debited and the account to be credited from the following

accounts: Cash; Accounts Receivable; Prepaid Insurance; Equipment; Accumulated

Depreciation; Wages Payable; Unearned Revenue; Revenue; Wages Expense; Insurance Expense;

Depreciation Expense. Indicate which of the accounts is the income statement account and which is

the balance sheet account.

a. Entry to record revenue earned that was previously received as cash in advance.

b. Entry to record wage expenses incurred but not yet paid (nor recorded).

c. Entry to record revenue earned but not yet billed (nor recorded).

d. Entry to record expiration of prepaid insurance.

e. Entry to record annual depreciation expense.
See all solutions

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